(new: share price and more details)

FRANKFURT (dpa-AFX) - The shares of Siemens Energy jumped to a multi-month high on Wednesday following the presentation of key data. In the opening minutes, a price increase of up to 13 percent led the share price briefly above the 14 euro mark and thus to a high since August 2023. The shares had already risen significantly the day before, laying the foundation for the multi-month high.

Recently, the increase weakened somewhat to 8.1%, but this did not change the generally positive sentiment. The share, which was one of the biggest losers in the DAX in 2023, has been one of the biggest winners in the leading index so far in 2024. They have gained around twelve percent this year, putting them in fourth place behind Rheinmetall, SAP and almost on a par with MTU.

The energy technology group performed better in the first quarter than the market had expected. The main reasons given were project postponements during the year and continued positive market momentum in key business areas. "In short, the first quarter exceeded the annual forecasts in terms of sales growth and the operating margin margin," said one trader.

The Borsian mentioned that all divisions had contributed to the positive surprise. This also applies to Siemens Gamesa with a loss before special items. This was lower than analysts had expected on average. The loss-making wind power subsidiary is currently the company's biggest problem child and is mainly responsible for the 32 percent drop in the share price last year. It had dragged the entire group deep into the red in 2023 with quality problems and significantly higher costs. In October, Siemens Energy had to rely on state guarantees worth billions.

However, analysts and analysts also mentioned on Wednesday that the company would remain cautious in confirming its outlook. According to JPMorgan analyst Akash Gupta, this could be an indication that the surprisingly good development is related to the seasonality of the business. Siemens Energy itself mentioned that project postponements and timing effects are not uncommon in plant construction.

However, one trader mentioned that the positive figures were enough to drive the share upwards. The caution expressed by the non-raised outlook was "probably more due to the attempt to avoid further disappointments in the coming quarters."/tih/mne/jha/